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FAQ
PascalCoin is designed to work very similar than a bank.
In a bank, you have ordinal account numbers and on each account you have a balance and you can see all movements (receive/send) with an item or movement concept (in PascalCoin called payload)
In PascalCoin is basically the same concept, but the difference is that everybody who has a wallet is a P2P node and the accounts safebox is synchronized with other nodes, so it's impossible to attack the database server bank because all nodes has the database included
Also, blockchain technology and cryptography, ensures that your accounts are safe, because use same technology than Bitcoin
Easy to use, easy to understand
In July 2016, PascalCoin author published a White Paper explaining this concept
In August 11, 2016, PascalCoin genesis block was generated and author published source code and wallet installer at GitHub and SourceForge. Next day started a thread at BitCoinTalk explaining it.
PascalCoin was created by Albert Molina
Author didn't know anything about cryptocurrency before 2014. When discovered Bitcoin in 2014, wanted to study it's technology, but all source code was made using "C++" language. Albert was not expertise in "C" language, due he was a "Pascal" developer, abandoning it.
In 2016, after some time thinking in cryptocurrency, decided to write a cryptocoin by itself using Pascal language, so without using Bitcoin original source code, and designed PascalCoin concept improving some BitCoin issues: BlockChain size and lost keys
In May 2016, concept was designed and started coding it, writting White Paper while was writting Pascal code.
In July, first beta version was running. Finally, on August 11, first version was released.
One account can do 3 kind of operations:
- Send transaction to a destination account
- Change key of an account
- Key can be other from your wallet or to a new owner's
- Recover coins (lost keys)
When an account has no made any operation for previous 420480 blocks, it is considered that his owner's has lost it's account key.
To prevent lost coins in circulation, this method allows a miner to recover inactive accounts balance like a mining fee
This will only happen if in previous 4 years (estimation) an account with positive balance (>0) has not made any operation
Account key will remain equal, only balance is recovered (so, account will be lost forever until it's owner recovers it's private key)
When you send a transaction, there are 2 steps:
- Send the order to other nodes
- This step is quick, in few seconds all the networks nodes will receive transaction and show it on "pending operations"
- There is NO guarantee that this operation will be included in the wallet.
- Generate a new blockchain with transactions
- When a miner node receives a transaction, works to include it in a new blockchain. By average this process happens on each 5 minutes
- Due to blockchain technology, it's safer to wait 10, 20 (or more) confirmations prior to consider that this transaction can't be undone
In other cryptocoins you can generate "address" to receive coins.
In PascalCoin that's not possible, due address are like accounts, and accounts are generated by the blockchain
So, main difference, is that if you don't have a PascalCoin account (mined by yourself or received from other account's owner) you cannot have Pascal coins
An account can only be operated by a private key. Account's owners can change the account's key for a new one.
- You can generate a Private/Public key with your wallet application.
- You send the PUBLIC KEY (Note: private key must be always private and only for you!) to the owner of an account
- The account's owner changes the key of an account for your new sent public key
- After this, the owner of the account will be you, and old owner will not have access to operate with this account because he don't know the private key
- Open your wallet
- Select your account
- Go to Operations
- Select:
- Change private key: This allows to change your actual private key for another private key you have
- Transfer to new owner: This allows to put other's private key to this account. If you don't new private key, you will lost account's ownership
- Put a new public key to this account. Public key can be hexadecimal or an encoded string
- Execute it